TGS ASA

Earnings Release • Oct 24, 2024

TGS announces Q3 2024 results

TGS announces Q3 2024 results

OSLO, Norway (24 October 2024) - TGS today reports interim financial results for

Q3 2024.

Financial highlights:

* Merger with PGS completed on 1 July 2024 - Q3 2024 first quarter including

PGS

* Strong multi-client sales driven by a combination of solid pre-commitments

for new investments and increased sales of existing data supported by

material transfer fees

* Record-high OBN contract activity - utilization of streamer fleet improving

on high bid activity

* Continued growth in New Energy Solutions

* Full-year pro-forma organic multi-client investments lowered to USD 425-450

million as certain projects have been deferred into 2025

* Order inflow of USD 423 million during Q3 2024 - total produced backlog of

USD 750 million

* Significant upgrades of credit ratings by S&P and Moody's

* Robust balance sheet allows for continued dividend payment - USD 0.14 per

share to be paid in Q4 2024

"Q3 2024 was the first quarter after completion of the TGS-PGS merger, and I am

pleased to report revenues of half a billion dollars. We have completed the

merger reorganization process, and we are ahead of schedule in realizing annual

synergies of between USD 110 and 130 million. Strong multi-client revenues in

the quarter were driven by a combination of robust pre-commitments to ongoing

programs and strong library sales supported by material transfer fees. Further,

we achieved record high utilization of our OBN crews, and the business continues

its strong performance among a production-oriented client base. Although the

utilization of the 3D streamer fleet has been lower than expected so far this

year, we are on a positive trend based on ongoing negotiations and tenders.

Finally, I'm pleased to see that our solid balance sheet and sound financial

policy has prompted substantial upgrades to the credit ratings by both Moody's

and S&P which puts us in good position to refinance the debt structure at

attractive terms," says Kristian Johansen, CEO of TGS.

Management presentation

CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at

09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The

presentation is open to the public and will be webcasted live.

Access and registration for webcast attendees are available by copying and

pasting the link below into your browser, or use the link on the front page of

www.tgs.com: https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/

A recorded version of the entire presentation will be available on TGS.com

(http://www.tgs.com) after the live event.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg

Vice President IR & Communication

Tel: +47 992 45 235

E-mail: investor@tgs.com

About TGS

TGS provides advanced data and intelligence to companies active in the energy

sector. With leading-edge technology and solutions spanning the entire energy

value chain, TGS offers a comprehensive range of insights to help clients make

better decisions. Our broad range of products and advanced data technologies,

coupled with a global, extensive and diverse energy data library, make TGS a

trusted partner in supporting the exploration and production of energy resources

worldwide. For further information, please visit www.tgs.com

(https://www.tgs.com/).

Forward Looking Statement

All statements in this press release other than statements of historical fact

are forward-looking statements, which are subject to a number of risks,

uncertainties and assumptions that are difficult to predict and are based upon

assumptions as to future events that may not prove accurate. These factors

include volatile market conditions, investment opportunities in new and existing

markets, demand for licensing of data within the energy industry, operational

challenges, and reliance on a cyclical industry and principal customers. Actual

results may differ materially from those expected or projected in the forward-

looking statements. TGS undertakes no responsibility or obligation to update or

alter forward-looking statements for any reason.